Debt Consolidation Loans in BC: Compare Rates & Terms

Consolidating your debt can help make your finances more manageable and improve your credit score over time. In this guide we break down the different options you can use for debt consolidation in BC, including top consolidation loans and debt relief services.

Compare debt consolidation loans in BC

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Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Finder score 8.5 Great Spring Financial Personal Loan	Finder score 8.5 Great	9.99% - 34.95%	$500 - $35,000	6 - 84 months	Key features: Fast online personal loans	Go to site View details Compare product selection Compare	loading
Promoted Finder score 8.6 Great Loans Canada Debt Consolidation Loan	Finder score 8.6 Great	8.99% - 35.00%	$300 - $50,000	4 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Go to site View details Compare product selection Compare	loading
Promoted Finder score 8.8 Great LoanConnect Debt Consolidation Loan	Finder score 8.8 Great	8.99% - 35.00%	$500 - $60,000	12 - 60 months	Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Go to site View details Compare product selection Compare	loading
Finder score 7.8 Great Fig Personal Loan	Finder score 7.8 Great	8.99% - 29.49%	$2,000 - $35,000	24 - 84 months	Key features: Competitive online personal loans for good credit only	Go to site View details Compare product selection Compare	loading
Finder score 7.8 Great Cashco Financial Flex Loan	Finder score 7.8 Great	35.00%	$500 - $9,000	6 - 60 months	Key features: Accepts bad credit	Continue View details Compare product selection Compare	loading

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How we picked these

Is it a good idea to consolidate debt?

It depends on your financial situation. A debt consolidation loan can simplify your finances and provide you with a more affordable monthly repayment, but it may cost you more overall depending on the rate and loan term you’re offered.

However, it’s a legitimate option if you’re currently overwhelmed by your debts and would like better control over your monthly budget.

Where can I get a debt consolidation loan if banks are unable to approve me?

These four non-bank debt consolidation loan options scored high based on our methodology.

1. Loans Canada

Loans Canada is a BBB-accredited loan search platform that works with the largest network of lenders in Canada.

• How it can help you consolidate debt: Loans Canada can match you with lenders offering good or bad credit debt consolidation loans in BC. Apply in less than five minutes for a loan of up to $35,000.
• Cost: 9.99% - 35.00%. Most lenders don’t charge fees.
• Loan terms: 6 - 60 months.
• What to watch out for: It’s not a direct lender, and you’ll pay high rates for bad credit. There’s also an issue with scammers posing as Loans Canada.
• Eligibility requirements: Steady source of income

Go to site

2. LoanConnect

LoanConnect is a BBB-accredited loan search platform that matches you with lenders based on your unique profile.

• How it can help you consolidate debt: LoanConnect matches you with several lenders offering good and bad credit debt consolidation loans in BC. Fill out a quick application for a loan of up to $60,000.
• Cost: 8.99% - 35.00%. Most lenders don’t charge fees.
• Loan terms: 12 - 60 months.
• What to watch out for: It’s not a direct lender, and you’ll pay high rates for bad credit (up to 35%).
• Eligibility requirements: Current debts must total less than 60% of income

Go to site

3. Spring Financial

Spring Financial is an online direct lender offering fast debt consolidation loans for bad to good credit.

• How it can help you consolidate debt: Apply for an unsecured debt consolidation to get a better rate to save on interest or longer loan term to lower your monthly payments.
• Cost: Rates are 9.99% - 34.95%.
• Loan terms: 6 - 84 months.
• What to watch out for: High rates for low credit scores.
• Eligibility requirements: Min. income of $2,000, min. credit score of 550.

Go to site

4. easyfinancial

easyfinancial is one of the largest alternative lenders in Canada. It offers debt consolidation loans to people who may not qualify for traditional loans.

• How it can help you consolidate debt: Get a secured or unsecured personal loan to consolidate debt. If you apply with a co-borrower, you can access a 2% rate reduction.
• Cost: Rates are 9.99% - 35.00%. You’ll be charged fees if you miss a payment.
• Loan terms: 9 - 240 months.
• What to watch out for: High rates for low credit scores.
• Eligibility requirements: Min. income of $1,200

Other legit options in BC that don’t involve debt consolidation loans

Debt.ca

Debt.ca is a resource information service that can connect you with various debt consolidation services across BC. Its providers will present you with debt reduction options and outline a strategy based on your specific needs.

• How it can help you: Debt.ca is a resource site that can connect you with organizations that can help you consolidate your debt. It does not provide debt consolidation services or loans directly.
• Cost: It shouldn’t cost you anything to get connected to services through Debt.ca. However, it’s likely that Debt.ca works with paid providers and collects a fee when you click on referral links.
• What to watch out for: It does not offer debt management services directly but instead maintains a database of service providers that you can work with.

Credit Counselling Society

The Credit Counselling Society of BC is a non-profit organization that specializes in helping customers get control of their finances. Since opening in 1996, the agency has helped over 850,000 Canadians reduce or eliminate their debt.

• How it can help: The service can help you make a budget, sign up for a debt management program (including working with lenders to repay your debt) or provide a referral to a lawyer or bankruptcy firm. It does not provide debt consolidation loans.
• Cost: Since the Credit Counselling Society is a non-profit, its basic services are free of charge. You may have to pay for lawyers or other services as you progress through your debt management plan.
• What to watch out for: Debt management services on offer may lower your credit score.

Bottom and Associates Ltd

Bottom and Associates is a licensed insolvency and financial restructuring firm that helps individuals and companies manage their debt. It specializes in bankruptcy, consumer proposals and connecting customers to suitable debt management services.

• How it can help: This trustee doesn’t provide debt consolidation loans. Instead, it negotiates terms for bankruptcy or a consumer proposal directly with your lenders to help reduce your overall debt load.
• Cost: Consultations are free, but you could pay thousands of dollars to set up your debt agreement, depending on the amount you owe. That said, you may be able to significantly reduce your debt, so it can be worth it if you’re willing to take a hit to your credit score.
• What to watch out for: There’s no clear indication of fees. Debt agreements on offer will significantly lower your credit score.

Sands & Associates

Sands & Associates is a licensed insolvency trustee that can help you negotiate a consumer proposal to manage your debt. This lets you reduce your debts without borrowing funds but can hurt your credit score.

• How it can help: This trustee doesn’t provide debt consolidation loans but can help you reduce and consolidate your debts under a consumer proposal without borrowing funds.
• Cost: Consultations are free but you’ll often pay fees to set up your consumer proposal. These can cost thousands of dollars, depending on how much you owe. That said, you may be able to significantly reduce your debt, so it can be worth it if you’re willing to take a hit to your credit score.
• What to watch out for: There’s no clear indication of fees. Debt agreements on offer will significantly lower your credit score.

4 Pillars

4 Pillars was founded in 2002 and is one of Canada’s largest debt management and credit-building firms. It is BBB-accredited, has very positive customer reviews online and operates 15 locations across BC.

• How it can help: The service helps with bankruptcies, consumer proposals, credit building and after-care support. It operates a financial literacy program called EmpowerU and runs debt bootcamps for clients. It does not offer debt consolidation loans directly.
• Cost: Consultations are free but you’ll often pay thousands of dollars in fees to arrange debt resolution, depending on how much you owe. That said, you can usually significantly reduce your debt, so it can be worth it if you’re willing to take a hit to your credit score.
• What to watch out for: There’s no clear indication of fees. Debt agreements will significantly lower your credit score.

Types of debt consolidation in BC

A consolidation loan might cost you more

A debt consolidation loan can help you consolidate all of your debts into one easy, lower payment. This will help you make your payments on time and consequently improve your credit score.

Ideally, your debt consolidation loan will have a lower rate and better loan term than what your debts currently have. In many cases, however, your debt consolidation loan might end up costing you more if you don’t get a favourable rate or if you extend your loan term. With a higher rate or longer loan term, you’ll pay more interest overall.

Frequently asked questions

• What types of debt consolidation are available in BC?

  If you want to maintain your credit score, you can take advantage of unsecured and secured debt consolidation loans and balance transfer credit cards. If you're unable to qualify for loans, it could be time to look into credit counselling or a debt management firm such as a licensed insolvency trust.

• Am I eligible for a debt consolidation loan in BC?

  To be eligible for a debt consolidation loan in BC, you'll usually need to have a decent credit score and make enough income to cover your monthly payments in addition to the rest of your expenses. You may also be expected to show that you have stable housing and employment before you qualify.

• What are the interest rates of debt consolidation loans in BC?

  Debt consolidation loan rates in BC start at 6.99%. The rates you get for your loan will depend on personal factors such as your credit score, income, debt-to-income ratio and whether you can secure your loan with an asset such as your house or vehicle.

• Does a consolidation loan hurt your credit score?

  Yes, lenders will perform a hard credit check when you apply for a debt consolidation loan, which will temporarily impact your credit score. However, your score will bounce back if you make debt repayments on time and in full and avoid applying for too many credit products at once.

Written by

Leanne Escobal

Senior Publisher

Leanne Escobal is a senior publisher at Finder with more than 13 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

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Leanne has written 178 Finder guides across topics including:

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Co-written by

Claire Horwood

Associate editor

Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee. See full bio

Claire's expertise

Claire has written 336 Finder guides across topics including:

• Banking
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